Yes, He Caved.

So they managed to cut a "deal", where he made bigger cuts than Boehner originally wanted, forbade abortion funding in Washington, DC, among other idiocies, including high speed rail. (You can see a more complete list and an impassioned critique here)

Seriously, how can someone be such an incompetent negotiator (Reid and Obama together, but Obama is where the buck stops) that you give more than he initially asked for?